Greece’s Forthnet Officially Becomes Part of United Group
Greek telecommunications and pay-TV provider Forthnet has officially become part of United Group. Its entry into the Greek market is another milestone in its European growth strategy. The Dutch-based group’s is operating in eight countries across the region.
“I’m pleased to welcome our colleagues from Forthnet to the United Group family. We have ambitious plans for the company that will be implemented with the new management team. Forthnet’s Nova brand is well-established in Greece and we see a lot of potential for the business,” said Victoriya Boklag, CEO of United Group.
“We have the opportunity to bring to the Greek market more content and more options in entertainment and sports to drive growth in pay-TV services. We’re confident that by applying our expertise in areas such as content and technology, combined with our wider telco offering, we can deliver a top user experience and realize our goals for the business,” added Boklag.
Under Greek tender offer rules, United Group has triggered the minimum mandatory tender offer requirements and is expected to launch a Mandatory Tender Offer (MTO), which should be completed in the first quarter of 2021. If United Group acquires at least 90% of the ordinary shares of Forthnet at the completion of the MTO, it will eventually acquire a 100% stake in the company, through a combination of acquisitions in the MTO and/or right to squeeze out any remaining shareholders in accordance with the relevant laws and regulations.